Nationalizing Zambia s copper mines
The Zambian government has taken over operations at a major copper mining company in what is seen as a move towards increasing its direct control of the key mining sector. Economists are urging Lusaka to tread carefully.
The COVID pandemic has led to job losses in Zambia s mining industry
Economists in Zambia paid close attention when the government announced that it would acquire Mopani Copper Mines Limited. The copper and cobalt exporting firm is jointly operated by companies based in Switzerland and Canada. The Zambian government owns only 10% of the company.
There had been a string of conflicts with the Swiss-based Glencore plc and Canada-based First Quantum Minerals Limited over a temporary shutdown of its mines in the northern Copperbelt Province. The points of contention were due to the COVID pandemic and retrenchments, taxes, and electricity pricing.
The upcoming first ever China-Africa Economic and Trade Expo is a chance to work towards ensuring that trade volumes between Zambia and China increase with more Zambians being encouraged to participate in export trade, a Zambian expert has said.
Economist Professor Oliver Saasa speaks as Development Finance Associates Senior Partner Trevor Hambayi listens during the launch of the Debt Study by CTPD at Mulungushi International Conference Centre on June 27, 2019 - Picture by Tenson Mkhala
ECONOMIST Professor Oliver Saasa says the recently launched Economic Recovery Programme will end up like the much acclaimed Zambia plus program if there is no commitment from government in ensuring that the plan is implemented.
In an interview, Prof Saasa noted that failure to implement the Zambia plus program worsened things for the country as the country’s debt makes it difficult for government to implement the plan.